SAN DIEGO, Nov. 18, 2016 /PRNewswire/ -- PharmAkea Inc. announced the extension of their strategic collaboration with Celgene Corporation which was established to leverage PharmAkea's proprietary drug discovery platform and novel small-molecule therapies targeting fibrotic diseases.
Under the terms of the agreement, Celgene Corporation committed $9 million to PharmAkea to extend the collaboration for 9 months. PharmAkea announced the original 3-year collaboration with Celgene in October of 2013. PharmAkea is currently conducting a Phase 1 SAD and MAD trial, as well as toxicology studies that will enable Phase 2 trials on its lead program, a small molecule LOXL2 inhibitor. The Company is also conducting IND-enabling studies in preparation for a Phase 1 trial on its second program, an Autotaxin inhibitor.
"We have been very impressed with the progress the team at PharmAkea has made over the past three years," said Rupert Vessey, President of Research and Early Development at Celgene. "This extension allows the company to further realize the potential of their programs and to complete some key activities."
"Our relationship with Celgene has been extremely collaborative," said Robert Williamson, CEO of PharmAkea. "This extension is a validation and endorsement of our work to date. We look forward to continuing our work with Celgene."
About PharmAkea Inc.
PharmAkea Inc. is a privately held San Diego-based biopharmaceutical company whose focus is to discover and develop small molecule therapeutics directed at cancer and fibrotic diseases. For more information, please visit the Company's website at www.pharmakea.com.
Vanessa L. Jacoby
Vice President, Finance
SOURCE PharmAkea Inc.